The IRS Blesses State & Local Tax Cap Workaround

Under the Tax Cuts and Jobs Act, individual taxpayers can only claim up to $10,000 in state and local income taxes on their federal income tax return. Some high-tax states have created workarounds, including permitting owners of pass-through entities to pay income taxes at the entity level instead of on their personal tax return. The Treasury Department and IRS said they will issue proposed regulations that will permit these workarounds.

Read the entire news article here.

SCHEDULE MY FREE CALL

With Tax Hive’s years of experience in tax and business services, we use our expertise to make your life easier so you can focus on building your business. Ever changing rules require a team who knows you, your business and the tax implications. Our tax professionals meet your needs while helping you manage tax risk, control costs and reap maximum benefit. If you’re ready to get started, CLICK HERE to schedule a FREE strategy session with one of our specialists today.

Schedule your FREE 15 minute call now!
X
X

YOU'RE ALL SIGNED UP!

Please check your inbox for our confirmation email
and your free eBook.